Marussia latest F1 team to enter administration

marussia

Caterham are set to be absent from the next two grands prix, having been placed into administration last week, and one of their rivals at the back of the grid have now suffered the same fate. 

Administrators FRP Advisory LLP confirmed on Monday that Marussia, who are owned by Andrey Cheglakov, had failed to find new investement, leaving them with "no alternative" but to enter administration.

Marussia, who have two championship points this season, will now miss the United States Grand Prix in Austin, and their participation in the season's remaining races in Brazil and Abu Dhabi remains uncertain. 

In a statement released to the media, co-administrator Geoff Rowley said the search for new investment was ongoing.

"Whilst the team has made significant progress during its relatively short period of operation, the highlight of which included securing two constructors championship points in the current F1 season, the position remains that operating a F1 team requires significant ongoing investment," said Rowley.

"With the existing shareholder unable to provide the required level of funding, the senior management team has worked tirelessly to bring new investment to the team to secure its long term future, but regrettably has been unable to do so within the time available. Therefore, they have been left with no alternative but to place the company into administration.

"With the Marussia F1 Team now in administration, the joint administrators have assessed that, given the current financial circumstances of the group, it is not viable for the Marussia F1 Team to participate in the next race, the 2014 Formula 1 United States Grand Prix, due to take place this weekend in Austin, Texas.

"Following Austin, there are two further rounds of the 2014 championship remaining, in Sao Paulo and Abu Dhabi, and the team's participation in those races will depend on the outcome of the administration process and any related negotiations with interested parties in what is a very limited window of opportunity.

"No redundancies have been made following the company's entering into administration and all staff have been paid in full to the end of October. The ongoing staff position will however be dependent on whether the company can secure new investment in the limited time available.

"We remain highly focused on engaging with interested parties."

"Marussia utlilised a solitary car in the Russian Grand Prix earlier this month after driver Jules Bianchi sustained a serious head injury at the previous weekend's Japanese Grand Prix.

Frenchman Bianchi remains in intensive care, having suffered a diffuse axonal injury, with the FIA subsequently setting up an 'accident panel' to investigate the circumstances of his crash at Suzuka.

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